BETHESDA, MD, Oct. 27, 2011 – Beech Street Capital, LLC announced today that it has provided a $4.4 million Fannie Mae Conventional loan for the acquisition of Governor’s Place Apartments (top left photo), a 190-unit multifamily community in Augusta, Georgia.
The transaction was originated by Chad Thomas Hagwood, executive vice president based out of Beech Street’s Birmingham, Alabama office.
“The Beech Street team delivered on all accounts, from application to close,” commented the borrower, John Mejia (middle right photo), Managing Partner of Providence Investments. “They were always diligent and available every inch of the way.”
Beech Street also received praise from the investment sales broker, Walter Miller (lower left photo) of Brown Realty Advisors, “Our experience with Beech Street was exceptional. The process was seamless, timely, and the communication with all parties was outstanding. The lender involvement in the transaction was one of the most satisfactory in my career.”
Governor’s Place Apartments is located in close proximity to the Augusta commercial business district and to the Augusta National Golf Club, one of the top golf courses in the world.
“This transaction demonstrates Beech Street’s expertise in offering the best structure for multifamily acquisitions,” says Chad Thomas Hagwood. “It also shows our commitment to the southeast market, not just in the major tier cities, but also in smaller areas within the region.”
Built in 1971, the property consists of 20 garden-style residential buildings on an over eight-acre site. Amenities include patios and decks, an outdoor pool with a clubhouse, and a playground area. The fixed-rate loan has a seven-year term with one year interest-only, and 6.5 year yield maintenance payable on a 30-year amortization schedule.
For additional information, contact:
Courtney Lewis
240-507-1948
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